1. Technical Field
One or more embodiments described herein relate generally to systems and methods for electronic debit payment transactions. More specifically, one or more embodiments relate to systems and methods of improving the speed and convenience of electronic debit payment transactions.
2. Background and Relevant Art
Electronic payment systems typically allow users to perform debit payment transactions with others via software applications on one or more types of devices (e.g., desktop devices and mobile devices). Some electronic payment systems allow users to perform debit payment transactions with financial institutions or merchants. Other electronic payment systems allow users to perform debit payment transactions with other users of the electronic payment systems (i.e., peer-to-peer payment transactions).
Conventional electronic payment systems attempt to provide a convenient method for transferring money between users. Conventional electronic payment systems, however, have drawbacks that often result in an unsatisfactory payment process for users. Specifically, debit transactions using conventional electronic payment systems frequently take time for the transactions to be processed. For example, a debit transaction using conventional electronic payment systems typically takes up to several days before money sent from a source account when initiating the transaction arrives in a target account. The time delay may cause a recipient to worry that the transaction did not process correctly or that the sender did not send the funds to the correct recipient.
The limited nature of conventional electronic payment systems also adds inconvenience. In particular, the standalone nature of conventional electronic payment systems typically requires that users open a separate application dedicated solely to payment transactions in order to send or receive a payment. The inconvenience of the standalone nature of conventional electronic payment systems can discourage users from using such systems.
Accordingly, there are a number of disadvantages with conventional electronic payment systems and methods.